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TJX Companies July Comps. Climb 7%

Thursday, August 2nd, 2012

The TJX Companies Inc. reported that its July 2012 consolidated comparable-store sales increased by 7%. Sales for the four-week period were $1.8 billion, up 8% over the $1.6 billion achieved during the previous year.

The company said customer traffic grew substantially at all divisions and drove most of the comp increase, which it believes speaks to its on-point fashions and brands at great values and wide customer demographic appeal.

TJX Companies now sees second-quarter earnings per share to be about $0.55, above its recently raised guidance of $0.52 – $0.53. On average, 25 analysts polled by Thomson Reuters expect earnings per share of $0.53 for the second quarter. Analysts’ estimates typically exclude one-time items.

For the full year, the company currently expects earnings per share in the range of $2.38 – $2.44, compared with its earlier range of $2.31 – $2.39. Analysts projectearnings per share of $2.44 for 2012.

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Harrods profits up by 15% despite tough economy

Tuesday, July 31st, 2012

Department store Harrods achieved a 15% rise in profit last year as it defied the economic gloom.

The retailer recorded an 11% sales increase to £651.7m ($1.02bn) in the year to January 28, when pre-tax profit rose 15% to £125.3m ($196bn).

The strong performance came in a year in which the retailer spent £107.8m ($169m) refurbishing the store and opening a new distribution centre in Reading.

Harrods owner Qatar Holding, which bought the retailer from Mohamed Al Fayed for £1.5bn in 2010, last week revealed plans to open a chain of Harrods-branded hotels starting in London, Malysia and Italy.

Last week Harrods opened its Christmas World department at the earliest ever point in the year as it sought to capitalise on the influx of international shoppers as the Olympics got under way.

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Stage Stores June Comps. Rise 3.3%

Thursday, July 5th, 2012

Stage Stores Inc. reported a 3.3% growth in June comparable-store sales, with total monthly sales growing 5.8% to $141 million from $134 million a year ago.

The company said the comparable store sales improvement for June was broad based, with cosmetics, footwear, home & gifts and men’s categories higher than the company average. Geographically, the Northeast, South Central, comprising Texas, and Southwest regions outperformed.

Stage Stores’ Chief Executive commented, “Desirable merchandise selections and successful sales events contributed to our solid performance for the month.”

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Laura Ashley revenues boosted by online growth

Monday, June 11th, 2012

Fashion and furnishings retailer Laura Ashley has managed to shrug off declining consumer confidence and unseasonably wet weather to report a rise in sales in the first 18 weeks of its current year.

The retailer today (11 June) said UK retail sales increased by 4.1% in the period to 2 June, while like-for-like sales grew 5.4%.

E-commerce sales jumped 18.8% compared to the same period last year, which was partly attributed to a revamp of the company’s website.

Laura Ashley said it is confident its brand, product offering and strong balance sheet will ensure the like-for-like sales growth trend continues across its retail business for the rest of 2012.

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Marks & Spencer to post first dip in profits for three years

Monday, May 21st, 2012

Marks & Spencer is expected to post its first dip in pre-tax profits for three years when it reveals its full-year results tomorrow. The retailer, which has more than 700 stores globally, will post pre-tax profits of £694m ($1.1bn), down 3% on last year.

General merchandise, including clothing and womenswear, is expected to have taken a hit, having come under pressure from Next, Tesco and Primark.

Marks & Spencer chief executive Marc Bolland is expected to admit his plan to add £3bn ($4.74bn) of sales in three years was too ambitious. Bolland’s aim to increase sales from £9.7bn ($15.3bn) in April 2011 to £11.5bn-£12.5bn ($18.2-$19.7bn) in 2014 – revealed in his first presentation as chief executive 18 months ago – is unlikely to be met.

Last month, Marks & Spencer was hit by a shortage of top fashion lines that undermined general merchandise sales in the fourth quarter. The retailer said that menswear, lingerie and kidswear all performed strongly but womenswear was “mixed”, preforming less well in areas where it was short of stock in a number of best-selling lines.

For the 13 weeks to March 31, general merchandise, including clothing, on a like-for-like basis was down 2.8% – a worse performance than had been expected. Group sales rose 0.8% in the quarter. Total UK sales climbed 1.2% led by food, which was ahead 3.1%. Total UK general merchandise sales slipped 1.2%. Clothing was down 0.3%.

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Gordmans Stores Q1 Comps Up 4.7%, Backs FY13 Outlook

Friday, May 11th, 2012

Apparel and home decor retailer Gordmans Stores Inc. Friday said its profit for the first quarter increased 10.6 percent, driven by 4.7 percent rise in comparable sales and a double-digit growth in revenues.

The Omaha, Nebraska-based company reported a first-quarter net profit of $8.05 million or $0.41 per share, compared to $7.28 million or $0.38 per share last year. On average, five analysts polled by Thomson Reuters expected the company to earn $0.41 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenues for the quarter grew 13.8 percent to $133.92 million from $117.68 million in the prior-year quarter. Four analysts had a consensus revenue estimate of $131.56 million for the quarter.

For the quarter, comparable store sales for the thirteen weeks increased 4.7 percent from last year.

Looking ahead, the company expects second quarter earnings in the range of $0.17 to $0.18 per share. Revenues for the second quarter are anticipated in the range of $130 million and $131 million. Analysts currently expect the company to earn $0.18 per share for the quarter, with revenues of $132.94 million.

Further, the company said it remains confident to realize its sales and profit guidance for fiscal 2012. The company expects full-year 2013 earnings to range between $1.46 and $1.51 per share. Revenues for the year are projected in the range of $629 million and $634 million. Analysts currently expect earnings of $1.51 per share for the year, with revenues of $630.46 million.

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Marks & Spencer Q4 Sales Marginally Up Amid Stock Shortages

Tuesday, April 17th, 2012

Retailer Marks & Spencer Group Plc  today (17 April) revealed a decline in fourth-quarter clothing sales, amid stock shortages owing to tight inventory management, which saw the retailer run short of stock in a number of its best selling women’s wear lines. The retailer reported that it was making “continued progress in a challenging market” and that full-year profits would meet expectations.

For the 13 weeks ended March 31, group sales grew 0.8 percent. Total UK sales advanced 1.2 percent with a 3.1 percent growth in Food sales. Like-for-like sales in the U.K. fell 0.7 percent. The Food business showed a 1 percent growth while general merchandise like-for-like sales fell 2.8 pecrent.

The Food business performed well in a competitive market and against tough comparatives. The company launched around 500 new products in the quarter and promotions such as Valentine’s Day Dine In helped the business.

UK clothing sales fell 0.3% over the quarter ended 31 March, while overall UK sales increased 1.2%. General merchandise sales, including clothing, declined 1.2%, while food recorded a 3.1% increase in sales and Home business saw a 7.5 percent drop.

In Clothing, menswear, lingerie and kidswear performed well. But performance was mixed in womenswear due to short of stock in some best-selling lines as the company managed stock tightly. The retailer said it is taking measures to address this by strengthening its merchandising capabilities.  ”However, we performed less well in other areas where we were short of stock in a number of best-selling lines. We are taking steps to address this by strengthening our merchandising capabilities,” the company said. It emphasised that it managed its stock “very tightly” which resulted in fewer items going into its mid-season sale. “We have had a good start to our new spring/summer launch, with our new ad campaign appealing to a broad customer base,” it added.

The company has had a good start to its new Spring/Summer launch.

In Home, sales were almost entirely affected by the company’s decision to withdraw from technology.

Direct sales climbed 22.8 percent, ahead of the market.

The retailer is forecasting full-year gross margin to be flat to an increase of 25bps, while operating costs are expected to increase 3-5% as a result of increased space growth, depreciation, inflation and growth initiatives, offset by underlying savings.

The retailer’s share price was down 2.94% to 356.9p at 9:05 BST today.

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Harrods owner splashes the cash on department revamps

Thursday, April 12th, 2012

Harrods owner Qatar Holding has pledged “record” investment in upgrading the luxury London department store this year, funding 50 projects over a 26-week period.

The Knightsbridge department store, into which Qatar Holding ploughed £32.7m in 2010/11, is now funding developments including an expansion of its sportswear department, an overhaul of womenswear to focus on international designers and a revamp of kidswear, menswear and accessories.

Across womenswear, Harrods will open four new international designer rooms in autumn. Designers will include Stella McCartney, Alexander McQueen, The Row, Phillip Lim, Alexander Wang and Belstaff.  The department store will relocate M Missoni, Moschino Cheap & Chic, Cavalli Class, Paule Ka, Tara Jarmon and Red Valentino to its Weekend Room.

Harrods chief merchant Marigay McKee, who stepped up as chief merchant from fashion and beauty director last November, told Drapers that international designerwear has been a “commercial revenue opportunity area” this season.

She said: “Designer is where the growth is coming from in womenswear. We’re blessed with our new owners and the investment. It means I’m able to build four new designer rooms in one go. It’s amazing.” She added: “In every room where we’ve edited down the mix and upgraded and gone more design focused, we’ve doubled the turnover. The average transactional value is two or three times, so even if you’re selling less pieces, you’re increasing turnover.”

Harrods broke through the £1bn sales barrier in January 2011 after tourists hit the shops in the run up to Christmas. McKee’s ambition is to reach the £2bn threshold, though she declined to set a timeframe on this figure.

The kidswear overhaul will complete in time for autumn, while in sportswear, a Nike at Harrods shop-in-shop will open at the end of June. It will feature a Young Athlete’s area, with a sports-focused kidswear offer. The space will become Nike’s biggest European kid’s store.

Also in June, Harrods will expand its ground floor luxury accessories room to include new boutiques for Louis Vuitton and Chanel.

In May 2012, the Men’s Lab – an edit of contemporary and denim lifestyle brands – will be revamped to become the Denim Men’s Lab. The space will feature a denim wall and will introduce brands including Replay and Jacob Cohen.

Qatar Holding bought Harrods from former owner Mohammed al-Fayed in 2010 for £1.5bn.

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Dunelm Q3 Sales Rise Despite Tough Trading Conditions

Wednesday, April 11th, 2012

Dunelm Group Plc., a UK out-of-town specialist homewares retailer, on Wednesday reported growth in total sales and like-for-like sales for the 13 weeks ended March 31, despite challenging trading conditions.

Nick Wharton, Chief Executive, said, “Our focus on the development of our Simply Value for Money proposition and growth both through new stores and through our multi-channel offering has seen Dunelm achieve a solid sales performance in what remains a very demanding retail environment.”

Total sales in the period grew to 154.1 million pounds from 139.0 million pounds. Like-for-like sales expanded 0.6 percent compared to a drop of 1.3 percent in the prior year.

According to the company, strong store performance in January and growth in multi-channel revenues throughout the quarter were partially offset by more depressed store footfall patterns in February and March. Gross margin increased by about 30 basis points from the third quarter of last year, reflecting continuing scale benefits as well as improved management of the clearance of special buys and discontinued ranges. Gross margin growth for the financial year is expected to be around 20 basis points.

The company opened two new superstores during the quarter, in Exeter and Stafford with the latter being a relocation of a sub-optimal existing unit. A store opened in Greenford (West London) on April 5 and a new store in Cambridge is expected before the end of June.

The new openings will bring the total number of new stores opened in the current financial year to 15, as previously expected. In the next financial year, the new store pipeline remains encouraging with two new leases signed, giving a total of six units contractually committed.

The company had net cleared funds of 50.2 million pounds as of March 31. Daily average net cleared funds over the year to date were 55 million pounds.

Looking ahead, Wharton said, “It is prudent to remain cautious about the wider economy and, recognising its impact on consumer confidence, we will maintain our disciplined approach to the management of gross margin and operating costs. However with a clear growth strategy and strong pipeline of new stores ahead we remain confident in the future prospects for the business.”

DNLM.L closed on Tuesday at 514 pence, up 0.50 pence from the previous close, on a volume of 51,318 shares.

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John Lewis rolls out London Olympics shops to all stores

Tuesday, April 10th, 2012

Department store group John Lewis is to install official London 2012 shops in all its branches.

The retailer said it has “increased its commitment to the Games” by rolling out the shop-in-shops to all full line department stores as well as its at Home format.

John Lewis is an official sponsor or the global event, which will be staged in the capital this summer.

The London 2012 shops will showcase up to 3,000 products. John Lewis already has London 2012 shops in stores including Oxford Street and Stratford.

John Lewis buying and brand director Peter Ruis said:  “We are delighted to further our support of the London 2012 Olympic and Paralympic Games with the roll-out of official shops in each of our branches.

“We have seen strong sales of London 2012 merchandise in our existing London 2012 shops and with the 100 days to go milestone just around the corner, excitement towards the Games is definitely building.”

London 2012 Chairman Sebastian Coe visited John Lewis’ Oxford Street store to mark the event.

Coe said: “These new London 2012 shops are a great opportunity for people across the UK to show their support for the London 2012 Games and for Team GB and Paralympics GB.”

John Lewis has also expanded the size of its Oxford Street London 2012 Shop to 6,000 sq ft, making it the largest official London 2012 Shop.

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